Financial and credit systems: prospects for development

Business intelligence and its role in raising the level of corporate services

Kostiantyn Bezverkhyi , Safwan Al Salaimeh — Mon, 30 Sep 2024 00:00:00 +0000

Artificial intelligence has begun to show itself in all areas of the changing business world. With the introduction of new technologies in the digital age, business structures have to adapt to new projects and increase the productivity of business processes. The purpose of the study is to clarify the ways of using business intelligence tools to raise and increase the level of services within companies. As a result of the stated objective, we identified the following tasks: 1) to determine the role of business analytics in forming the company's development strategy; 2) to propose solutions for improving internal company services using business analytics tools; 3) to outline the framework for building business analytics (BI) within the company.

This study presents the concept of business intelligence and its importance in raising the level of service delivery in companies. For this purpose, Deming's course was used, were to find and provide some solutions, represented in the final decision-making process regarding the process of improving and providing services to companies. In other words, helping the general manager to see what is hidden from the eye, depending on the data and methods of processing it. In addition to the above, the stages involved in the development process were shown in the form of a data flow diagram, which is known as the Data Flow Diagram (DFD) for the system used within the company.

The results of this study are summarized as follows: а) this study presents a clear and simplified concept for solving all the tasks mentioned in this study; b) submitting a proposal to solve the problem of improving services within the company by using business intelligence tools; c) this study presents a data flow diagram that selects the appropriate agile process for that purpose; d) this study presented a partial development of the system in force in the company.

Management of public financial debt in conditions of unbalanced supply and demand of energy resources

Ganna Likhonosova — Mon, 30 Sep 2024 00:00:00 +0000

Financial debt management in the context of the energy crisis is an urgent problem that requires a strategic approach in countries with an unstable energy system. The imbalance between the supply and demand of energy resources generation creates a trap in which the growth of energy shortages leads to increased import costs, higher prices for end consumers and increased financial burden on the state. This, in turn, can provoke inflationary pressure, a decrease in the competitiveness of the national economy, an increase in public debt and social tension due to an increase in the cost of living and a decrease in the level of energy security. The research used the methods of scenario analysis, descriptive statistics, econometric, monographic and comparative analysis. The purpose of the article is to analyze the impact of energy crises on the state of state financial support, to determine ways to minimize risks and ensure financial stability. In the course of the study, the degree of influence of the imbalance of demand and supply of energy resources on the state financial debt was determined through the use of such tools as: analysis of market conditions, assessment of the level of demand and supply for energy resources. The paradigm of an integrated approach to the management of public debt in the context of energy crises is characterized, which is based on an integrated, multidimensional analysis and management of interrelationships between various economic, financial, social and political factors. It is emphasized that consideration of the energy sector should not take place in isolation, but in the context of its interaction with the financial capabilities of other sectors of the economy. Practical recommendations include risk assessment models related to energy crises and methods of stabilizing public finances, which can be used in the operational management of the state's financial debt. The method of integration and coordination of energy, economic, fiscal and social indicators is proposed for determining effective financial instruments and mechanisms for optimizing budget expenditures. It is concluded that in the conditions of imbalance of energy demand and supply, management of financial debt requires a strategic approach based on investments in clean energy, improvement of energy efficiency and accurate forecasting

Business development management tools in the digital economy

Borys Samorodov , Volodymyr Kotkovskyi , Timur Malafieiev — Mon, 30 Sep 2024 00:00:00 +0000

The peculiarities of the digital environment, which contribute to the rapid growth of instability in enterprises' activities, are highlighted. The need to refine certain aspects and tools of traditional strategic planning is substantiated. The essence of digital transformation as a strategic process of business change—based on client-centric principles, systemic innovation, business model adaptation, active data usage, and competency development—is defined. The problems facing Ukrainian companies in digital transformation are highlighted, including insufficient strategy development, organizational culture misalignment with necessary changes, a shortage of digital skills, outdated technologies, lack of coordination between old and new technologies, and the high costs of implementing innovations. The approach to the digital transformation strategy is viewed as a tool for setting priorities that provides businesses with competitive advantages in rapidly changing markets through the application of digital technologies to solve new business challenges. Potential directions for ensuring the flexibility of a digital strategy are highlighted, such as developing partnerships and cooperation, utilizing big data analysis and predictive analytics for real-time decision-making, and employing flexible technologies for both implementation and strategy development. A hypothesis about the feasibility of developing a minimally viable strategy is proposed. As an additional method for increasing the flexibility of the digital transformation strategy, a modular structure for its design is proposed, based on the concept of business architecture, establishing a close connection between enterprise strategy, business model, and IT architecture. A brief overview of digital business models is provided, indicating that ecosystem-type business models, including digital platforms, are the most successful in the digital environment. The stages of digital transformation are outlined, and additional tools for their implementation are considered, such as digital maturity assessment models, a system of key indicators, and a digital transformation road map. A generalized structure of the toolkit for strategic management of business development in the digital environment is proposed, particularly aligned with the stages of digital transformation implementation.

Global dynamics of the IPO market: structural analysis and growth prospects

Iryna Shkodina , Natalia Kondratenko — Mon, 30 Sep 2024 00:00:00 +0000

The global IPO (Initial Public Offering) market continues to play a critical role in raising capital for companies across various economic sectors. However, its dynamics remain ambiguous due to cyclical fluctuations driven by economic, financial, and regulatory factors. The relevance of this topic lies in the increasing importance of understanding the forces shaping IPO success, given the globalization of financial markets and growing competition. A thorough examination of the factors that determine IPO performance and the future prospects of this mechanism is vital for stakeholders.
The purpose of this paper is to conduct a comprehensive structural analysis of the global IPO market's dynamics, identify the key drivers of its development, explore regional differences, and assess the market’s growth potential amid ongoing global transformations. The focus of the study is the global IPO market, with particular attention to its economic, financial, and regulatory dimensions.
The methodological approach centers on structural market analysis, utilizing statistical and comparative methods to explore market dynamics across different regions. The research is further grounded in an analysis of macroeconomic indicators, regulatory changes, investment trends, and technological advancements that influence the IPO market.
This study examines the impact of financial market globalization, regulatory adjustments, and technological innovations on the development of IPOs in various regions worldwide. The role of macroeconomic stability, interest rates, and market volatility in shaping IPO demand is also explored. In addition, the research delves into sectoral differences and regional trends, particularly the activity of IPO markets in the U.S., Europe, and Asia.
The conclusion addresses the growth prospects of the global IPO market amid continuous shifts in the global economy and provides practical recommendations for companies considering public offerings and investors interested in IPO market opportunities. The study highlights how firms can navigate these volatile conditions and what investors should consider when participating in IPOs.

Development of methods for assessing the digital maturity of business

Iryna Denchyk — Mon, 30 Sep 2024 00:00:00 +0000

The process of digital transformation is evident across all sectors of the Ukrainian economy. This underscores the importance of assessing the digital maturity of enterprises, particularly given regional differences, which has become a pressing issue during the full-scale invasion. The purpose of this study is to create an economic tool for assessing the digital maturity of organizations, taking into account the regional context. To achieve this goal, the following tasks were addressed: an analysis of theoretical approaches to the assessment of digital maturity was conducted, a system of indicators reflecting regional characteristics was identified, and an algorithm was developed to assess the digital maturity of organizations and interpret the results.

The article proposes an economic tool for assessing the digital maturity of organizations that considers both internal and external factors using quantitative indicators. Internal digital maturity is assessed according to two groups of factors: scientific and technical, and production, while external digital maturity considers four regional aspects: human resources, financial resources, consumer demand, and infrastructure. Methods of data normalization are used for comparison, and the analytic hierarchy process (AHP) is applied to account for the importance of each factor. The assessment of digital maturity enables the identification of the development level, as well as weaknesses that require attention to enhance digital transformation. The results can be utilized to develop strategies for managing the digital transformation of enterprises and shaping regional policies.

Assessment of the quality of forecasts of seasonal fluctuations of budget revenues as part of effective management of public finances in Ukraine

Olesia Totska, Vitalii Onysiuk — Mon, 30 Sep 2024 00:00:00 +0000

Seasonal fluctuations in revenues to the budgets of Ukraine at different levels can significantly affect the fulfillment of financial obligations of the state and territorial communities, especially in conditions of martial law. The accuracy of forecasting such fluctuations becomes critically important for the formation of a balanced budget policy and ensuring timely financing of priority state programs. The purpose of the article is to assess the quality of forecasts of seasonal fluctuations in budget revenues of different levels in Ukraine during martial law. The research is aimed at increasing the efficiency of financial management in the crisis, which, in turn, will contribute to strengthening the economic security and stability of Ukraine. It is a continuation of the authors' previous research.

Within the framework of the study, the actual indicators of receipts of the largest budget-forming taxes to the state budget of the Volyn region and to the local budgets of the Volyn region for January–May 2024 were analyzed and compared with previously obtained forecast data. To assess the quality of forecasts, a scale was used, according to which the accuracy of forecasts is ranked depending on the value of the mean absolute percentage error (MAPE) of the forecast as follows: high (<=10%), good (10.1–20%), satisfactory (20.1–40%), poor (40.1–50%), unsatisfactory (>50%).

It was found that during the analyzed period, the accuracy of forecasts of seasonal revenues to the state budget in the Volyn region for VAT from goods imported into the customs territory of Ukraine was good (the MAPE of forecasts was 18.8%); for customs duties on goods imported by business entities – satisfactory (28.2%); for personal income tax paid by tax agents from the taxpayer's income in the form of wages – high (6.4%); for excise tax on vehicles imported into the customs territory of Ukraine – satisfactory (39.5%).

It was determined that the accuracy of forecasts of seasonal revenues to the local budgets of the Volyn region for personal income tax paid by tax agents from the taxpayer's income in the form of wages was high (the MAPE of forecasts was 6.4%); for the single tax on individuals – satisfactory (25.0%); for land tax on legal entities – satisfactory (39.7%); for rent from legal entities – high (3.8%).

Methodological fundamentals of the analysis of the macro-environment of enterprises

Olha Balabash , Valentyn Slyvka — Mon, 30 Sep 2024 00:00:00 +0000

The external environment is constantly changing, and enterprises must quickly respond to these changes in order to maintain competitiveness and ensure sustainable development. Traditional methods of analyzing the macro environment, such as PEST or SWOT, have certain limitations, in particular, they are focused on assessing the current state and do not always take into account long-term trends and their impact on the company's activities. In this regard, there is a need to develop new methodological approaches that will allow more accurate assessment of the impact of the macro environment on enterprises and forecast changes in the future. This is especially important in the context of instability and globalization, when external factors are becoming more and more unpredictable. The article is aimed at the development and substantiation of new methodological bases for the analysis of the macroenvironment, which determines the relevance of this research.

The purpose of the study is to improve methodological recommendations for the analysis of the macro-environment of enterprises.

In order to achieve the goal, the following research methods were used in the article: generalization and systematization - for grouping the advantages and disadvantages of macroenvironmental analysis methods; expert evaluation - to determine the nature of the influence of the factor, the importance of the factors and their probability of development; TEMPLES - analysis - for a comprehensive analysis of factors affecting the macro environment of agricultural enterprises.

In the scientific article, the following results were obtained: the advantages and disadvantages of macroenvironmental analysis methods were systematized. It was established that traditional methods of analysis are focused mainly on the current state of the environment, which limits their ability to take into account long-term trends and dynamic changes. It was determined that the key shortcomings of these methods are the impossibility of taking into account long-term trends, limitations in assessing the influence of individual factors, as well as difficulties in determining their importance in forming the company's development strategy. To eliminate these shortcomings, the feasibility of using a modified TEMPLES analysis was proven, which allows for an extended assessment of macroenvironmental factors, provides a deeper understanding of the impact of various factors on the enterprise and takes into account their dynamics. The proposed method was tested on the example of agricultural enterprises of Ukraine, in particular enterprises of the grain industry. The results showed the possibility of determining the nature of the influence of factors, their importance and the probability of development. The modified technique allows not only to assess the current state of macroenvironmental factors, but also to forecast their dynamics in the future period. This is an important tool for forming the company's development strategy, taking into account possible changes in the external environment. This demonstrates the practical significance of the research and the possibility of application in the real conditions of the functioning of agricultural enterprises.

Digital transformation of the global economy: challenges and opportunities

Olesia Suntsova — Mon, 30 Sep 2024 00:00:00 +0000

The world is going through a revolution, the emergence of digital and its impact on our planet. By Christine Moorman Researchers examine the challenges and opportunities of how to digitize a tradition-bound, offline industry. The research highlights key factors propelling this transition; ranging from technological and legal advances to societal impacts. Other subjects covered in the study include potential cyber threats and data privacy risks as well as what digitalization means for different industries, from manufacturing to services and finance. These findings suggest that while digital transformation promises significant opportunities for innovation and economic growth, it also requires comprehensive policy approaches to reduce associated risks and ensure inclusive development.

The aim of this article is to investigate the challenges and opportunities posed by the transition in global economy from analogical towards digital. The global economy is undergoing a radical transformation thanks to digital technologies. These tectonic shifts kindle an array of opportunities and challenges that we discuss in this article. Highlighting key factors behind this transformation — technology, legal frameworks and socioeconomic considerations — the study takes a deep dive into how blockchain can allow farmers to capture premium prices while ensuring traceability of genuine produce.

The research looks at the potential dangers linked to cybersecurity and privacy, while it also studies how digitilization impacts sectors including manufacturing, services and finance. The findings show that while digital transformation provides considerable opportunities for innovation and economic growth, it also requires comprehensive strategies to mitigate associated risks and ensure inclusive development. This article is written as to observe the titled paradigm shift of global economy with Digitalisation, and changes it brings about in form of opportunities & challenges.

The findings show that digital transformation is a two-edged sword: it provides significant opportunities for economic growth, innovation, and the creation of new business models like digital platforms and the gig economy. However, it presents significant challenges, particularly in terms of cybersecurity and data privacy. The increasing frequency and sophistication of cyberattacks pose serious threats to businesses and governments, while concerns over data privacy necessitate the development of strong regulatory frameworks.

Adapting international social responsibility experience to Ukrainian content

Olena Golovko , Kateryna Oriekhova — Mon, 30 Sep 2024 00:00:00 +0000

In the conditions of martial law, business activities directly impact the reputation of the company, as well as consumer and public attitudes. Corporate social responsibility is crucial for economic stability, job preservation, and ensuring budget revenues. Studying and disseminating the experience of Ukrainian companies' social responsibility during the war is necessary to solidify practical experience and ensure their impact on the economy and society in the future.

Purpose, objectives and research methods. The aim of the research is to study and promote the experience of corporate social responsibility of Ukrainian companies during martial law, as well as to formulate recommendations for consolidating best practices in the future. The subject of the research is corporate social responsibility in wartime conditions, specifically of Ukrainian companies, and their impact on society and the state.

The research employs critical analysis of existing concepts and definitions of corporate social responsibility, comparative analysis of international social responsibility models (American, European, Japanese), as well as in-depth analysis of practical examples from international companies. The information base of the research includes scientific papers, statistical data, and practical examples of social responsibility implementation by well-known companies.

Research results. Corporate social responsibility is becoming a key element not only for enhancing corporate capitalization but also for global socio-economic development. The social responsibility models in the USA, Europe, and Japan demonstrate different approaches: individual, collective, and intra-family. The American model emphasizes personal philanthropy, the European model focuses on state regulation and income redistribution, while the Japanese model highlights corporate collectivism and employee social protection.

The practical value of the results lies in the fact that analyzing different models of social responsibility allows for adapting these practices to Ukrainian realities. Practical recommendations for integrating elements of international experience can help Ukrainian companies enhance their social responsibility and positively impact the economic and social development of the country.

The conclusions drawn can be used to develop a national model of social responsibility, taking into account international experience and the specifics of the Ukrainian economy. This includes state propaganda, local budget involvement, tax incentives, and mandatory social reporting.